What are the Historical Developments and Current Growth Metrics of the Power And Hand Tools Market?
The power and hand tools market has seen considerable growth due to a variety of factors.
• The power and hand tools market has experienced steady growth in recent years. It will grow from $11.99 billion in 2024 to $12.52 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.4%.
Contributing factors include the rise in do-it-yourself (DIY) projects, expansion in the construction sector, increased online sales channels, urbanization driving residential and commercial construction, and the development of more environmentally friendly tools.
What Does Future Hold for The Power And Hand Tools Market By 2029?
The power and hand tools market is expected to maintain its strong growth trajectory in upcoming years.
• The power and hand tools market is projected to grow to $14.68 billion by 2029 at a CAGR of 4.1%.
This growth is due to the demand for eco-friendly tools, automation and AI enhancements, urbanization, e-commerce growth, and a need for customizable tools. Key trends include smart and connected tools, advanced battery technologies, automation in power tools, AI and machine learning, modular tools, and customization.
What Are The Primary Growth Drivers In The Power And Hand Tools Market?
The growth of power and hand tools market is anticipated to be driven by the expanding construction industries. These industries include the sectors that are pivotal in conceptualizing, designing, developing and erecting buildings, infrastructure, and various other concrete structures. Numerous factors such as urbanization, population surge, infrastructure development, technological progressions, and economic growth are responsible for the surge in construction industries. Power and hand tools play a significant role in enhancing efficiency, pace, and accuracy in construction assignments, thereby resulting in successful and high-quality projects. For example, as reported by ConstructConnect, a trusted US-based construction contractor, there was a 16.7% spike in U.S. construction in 2022, leading to a grand total of $912 billion in February 2023. Consequently, the expansion of construction industries is expected to boost the power and hand tools market.
What Is The Segmentation Of The Global Power And Hand Tools Market?
The power and hand tools market covered in this report is segmented –
1) By Type: Secateurs, Hammers, Spanners, Other Types
2) By Technology: Engine Driver, Hydraulic And Powder-Actuated, Pneumatic, Electric
3) By Application: Electronics, Construction, Aerospace, Automobiles, Other Applications
Subsegments:
1) By Secateurs: Manual Secateurs, Bypass Secateurs, Anvil Secateurs, Ratchet Secateurs, Electric Secateurs
2) By Hammers: Claw Hammers, Sledgehammers, Ball Peen Hammers, Framing Hammers, Mallets, Rubber Hammers
3) By Spanners: Open-End Spanners, Box-End Spanners, Combination Spanners, Adjustable Spanners, Torque Wrenches, Ratchet Spanners, Impact Wrenches
4) By Other Types: Pliers, Screwdrivers, Saw Blades, Drills And Drill Bits, Tapes And Measuring Tools, Chisels And Gouges, Planes And Shapers, Files And Rasps
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What New Trends Are Influencing The Power And Hand Tools Market?
Leading firms in the power and hand tools market are innovating by creating battery-powered tools with extended operation time. Such tools incorporate smart built-in sensors for real-time tracking and have ergonomic designs for user convenience. These battery-operated tools can work for longer durations on a single charge, reducing the need for regular recharging. For example, Bosch Power Tools GmbH, a German electrical and electronics manufacturer, released a new 18V REVOLVE 4000 green-beam rotary laser in January 2022. The product comes equipped with upgraded features such as an increased leveling range, improved visibility that's four times brighter than conventional red beams, and extra ADS settings, all contributing to an enhanced user experience for strenuous jobs.
Who Are the Key Players In The Power And Hand Tools Market?
Major companies operating in the power and hand tools market are:
• The Bosch Limited
• Danaher Corporation
• Stanley Black & Decker Inc.
• Atlas Copco AB
• Emerson Electric Co.
• Techtronic Industries Co. Ltd.
• Milwaukee Electric Tool Corporation
• Makita Corporation
• Ingersoll-Rand Plc
• Snap-On Incorporated
• MISUMI Group Inc.
• Chervon Holdings Limited
• Apex Tool Group LLC
• Fluke Corporation
• Enerpac Tool Group
• Chicago Pneumatic Tool
• The Ames Companies In.
• Alberta Investment Management Corporation (AIMCo)
• Daniels Manufacturing Corporation
• Alltrade Tools LLC
• AnCor Inc.
• Taparia Tools
What Are The Regional Insights Into The Power And Hand Tools Market?
North America was the largest region in the power and hand tools market in 2024. The regions covered in the power and hand tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
